EPA confirms proposal to designate 'forever chemicals' as hazardous substances
The Biden administration said on Friday it will propose designating two "forever chemicals" as hazardous substances, in the latest effort to clean up compounds linked to cancer and other health problems.
The proposal from the Environmental Protection Agency would require companies to report leaks of two of the most widely used per- and polyfluoroalkyl substances and pay for cleanups, and would provide public funds for cleanups when the culprits cannot be found.
Potentially relevant stocks are trading lower: (NYSE:MMM) -3.4%, (NYSE:DD) -3.3%, (NYSE:DOW) -2.4%, (NYSE:CC) -2.3%.
The two man-made substances, commonly known as PFOA and PFOS, were used in consumer products under brand names such as Teflon and Scotchgard beginning in the 1950s because of their non-stick and water-repellent qualities, but the substances do not break down quickly and in recent years have been found in dangerous concentrations in drinking water, soils and foods across the U.S.
If the rule is finalized, it will trigger increased reporting standards for releases of the two chemicals into the environment and give the EPA more tools under the federal Superfund law to require cleanup, EPA Administrator Michael Regan said.
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